This comprehensive report from Fidelity Digital Assets dives deep into Bitcoin (BTC), tracing its origins as the first decentralized peer-to-peer electronic cash system. It clarifies the distinction between “Bitcoin” (the network) and “bitcoin” (the token), while outlining core features like its fixed 21 million supply cap and reliance on Proof-of-Work for security and decentralization.

The report positions bitcoin as a monetary good and store of value, comparing it to gold and exploring its role as a macroeconomic hedge. It also examines Bitcoin’s strengths, weaknesses, and the “blockchain trilemma”—the balance between decentralization, security, and scalability—highlighting what sets it apart from competitors like Ethereum and Litecoin.

Finally, the document builds an investment thesis based on supply-demand dynamics and network effects, while considering governance, regulatory, technical, and competitive risks.

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